The president had called cryptocurrency a “scam” but during his campaign last year he was persuaded of its value, especially as an investment for the Trump family.

The first-of-its-kind reserve will be anchored by a stash of Bitcoin the government already owns, estimated to be worth billions of dollars.

U.S. President Donald Trump wooed the cryptocurrency industry's elite at the White House on Friday, hosting a first-of-its-kind summit focused on his plans for a government-owned stockpile of digital assets.